LONDON (Alliance News) - Indian online fashion retailer Koovs PLC on Friday said three of its senior leadership are set to subscribe for a GBP1.1 million fundraising, as it is said is considering plans to raise more money and to buy up more of its Indian subsidiary.
Chairman Waheed Alli will subscribe for GBP900,000 worth of the shares, while Chief Executive Mary Turner and Chief Creative Officer Robert Bready will subscribe for GBP100,000 worth each.
The funds will be used to back the company's growth plans and to provide funding for a marketing campaign in November.
Koovs also said is remains in talks with potential investors for a "more material" equity fundraising, which it expects to announce before the end of the year. The company is considering acquiring more shares in Koovs Marketing Consulting Pvt Ltd, its Indian subsidiary. It currently owns 5.8% of the business and is considering increasing that stake to around 90%.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
